Real Estate News

Millennials are flooding into Canadian cities signalling that housing will not go bust any time soon

Toronto, Montreal and Vancouver have seen the biggest net inflow of millennials in 12 years, a key reason demand for housing is expected to remain strong, despite spiralling costs, according to Royal Bank of Canada.

The population of 20- to 34-year-olds swelled by 96,000 in the three cities last year, the bulk of them from abroad, Robert Hogue, an economist at the Toronto-based bank said in a report Thursday. Indeed, for every millennial that left the country’s biggest cities for cheaper digs elsewhere, they collectively gained seven to 12 millennials from abroad or other parts of the country.